The Australian dollar is higher against its US counterpart which weakened following a US jobs report that failed to meet elevated expectations.

At 0635 AEDT on Monday, the Australian dollar was worth 75.43 US cents, up from 75.19 US cents on Friday.

The US dollar fell after the US jobs report failed to meet elevated expectations, tempering the immediate outlook for future interest rate increases.

Westpac’s Imre Speizer said, in a morning note, that the US dollar index shed 0.6 per cent, while the Australian dollar rose from 75.10 US cents to 75.57 US cents.

Speizer said he expected to see the local currency consolidate between 75 and 76 US cents ahead of the Federal Reserve’s meeting and interest rate decision later this week.

The local currency was down against the yen and the euro early on Monday.

AAP

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